Mainspring Energy closes on more than $150 million in Series E funding

May 25, 2022
Mainspring Energy, which provides linear generators for microgrids, has closed on more than $150 million in first stage Series E funding, led by global growth equity investor Lightrock and joined by Khosla Ventures, Bill Gates, Fine Structure Ventures, the private equity firm affiliated with the parent company of Fidelity Investments, Princeville Capital, Lineage Ventures and others.

Mainspring Energy, which provides linear generators for microgrids, has closed on more than $150 million in first stage Series E funding, led by global growth equity investor Lightrock and joined by Khosla Ventures, Bill Gates, Fine Structure Ventures, the private equity firm affiliated with the parent company of Fidelity Investments, Princeville Capital, Lineage Ventures and others.

Mainspring will use the funds to develop new linear generator models and to accelerate use of the generators by businesses, data centers and utilities.

The California-based company also has signed an agreement with Lineage Logistics, a temperature-controlled industrial REIT, and logistics solutions provider, to deploy up to 150 linear generators across its network of distribution facilities in the United States.

The two companies will also explore bringing the Mainspring generators to markets outside of the United States and the use of green fuels to power the fuel-flexible units.

Linear generators are electromechanical devices that directly convert motion along a straight line into electricity using chemical or thermal energy. Mainspring’s generators can be dispatched on demand and emit zero carbon.

Mainspring is the brainchild of three Stanford University engineers, who were seeking a new approach to generating clean, resilient, affordable electricity. Their research into high-efficiency methods of converting fuel to electricity led to the founding of the company in 2010 and the development and prototype of its first linear generator.

Learn more about the technology at Microgrid 2022 in Philadelphia, where Mainspring Energy will present a workshop, “How to Accelerate the Transition to 100% Renewable Generation with Microgrids,” 1:15 p.m. to 2:15 p.m., June 2.

The workshop will include examples from several customers with varied load profiles and operational requirements. Speakers will educate participants on the firming generation opportunities available in renewable microgrids and will discuss the value of net-zero carbon power generation with clean fuels such as biogas, green hydrogen and others in displacing diesel backup generation.

The panel will be moderated by Kevin Normandeau, publisher of Microgrid Knowledge. Featured speakers are Wayne Johnson, manager of key segment management for education at Duke Energy; Adam Simpson, co-founder and chief product officer at Mainspring Energy; and John Igo, vice president, business development at Mainspring Energy.

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About the Author

Elisa Wood | Editor-in-Chief

Elisa Wood is an award-winning writer and editor who specializes in the energy industry. She is chief editor and co-founder of Microgrid Knowledge and serves as co-host of the publication’s popular conference series. She also co-founded RealEnergyWriters.com, where she continues to lead a team of energy writers who produce content for energy companies and advocacy organizations.

She has been writing about energy for more than two decades and is published widely. Her work can be found in prominent energy business journals as well as mainstream publications. She has been quoted by NPR, the Wall Street Journal and other notable media outlets.

“For an especially readable voice in the industry, the most consistent interpreter across these years has been the energy journalist Elisa Wood, whose Microgrid Knowledge (and conference) has aggregated more stories better than any other feed of its time,” wrote Malcolm McCullough, in the book, Downtime on the Microgrid, published by MIT Press in 2020.

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